Primerica, Inc. (NYSE:PRI) Shares Will Pay Quarterly Dividend of $1.20

Primerica, Inc. (NYSE:PRI) announced a quarterly dividend on Wednesday, November 4th. Shareholders of record on Friday, November 20th will be given a dividend of $1.20 per share by the financial services provider on Monday, December 14th. This represents a $4.80 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 20th.

Primerica has increased its dividend by an average of 0.2% per year over the last three years and has raised its dividend annually for the last 2 consecutive years. Primerica has a dividend payout ratio of 21.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Primerica to earn $27.22 per share next year, which means the company should continue to be able to cover its $4.80 annual dividend with an expected future payout ratio of 17.6%.

Primerica Stock Up 1.5%

Shares of PRI opened at $284.44 on Thursday. The firm has a market cap of $8.75 billion, a price-to-earnings ratio of 11.42 and a beta of 0.86. The company’s fifty day moving average is $283.25 and its 200-day moving average is $278.77. Primerica has a 12 month low of $230.09 and a 12 month high of $327.28.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Wednesday, November 4th. The financial services provider reported $6.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.40 by $0.37. The firm had revenue of $901.82 million during the quarter, compared to analysts’ expectations of $901.00 million. Primerica had a net margin of 23.20% and a return on equity of 32.45%. During the same period in the prior year, the company posted $6.33 earnings per share. As a group, research analysts predict that Primerica will post 25.22 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Weiss Ratings downgraded Primerica from a “buy (b+)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Keefe, Bruyette & Woods cut their price objective on Primerica from $335.00 to $330.00 and set a “market perform” rating on the stock in a research note on Friday, October 9th. TD Cowen boosted their target price on Primerica from $322.00 to $360.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Morgan Stanley upped their target price on Primerica from $291.00 to $316.00 and gave the stock an “equal weight” rating in a research report on Monday, August 24th. Finally, Truist Financial downgraded Primerica from a “buy” rating to a “hold” rating and lowered their price target for the company from $370.00 to $320.00 in a report on Thursday, August 27th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $318.80.

Primerica Company Profile

Primerica, Inc is a financial services company that focuses on serving middle-income households in the United States and Canada, as well as families in Puerto Rico. The company distributes its products and services through a network of independent representatives who provide financial education and help clients address protection, savings and investment needs.

Primerica’s principal offerings include term life insurance, investment and savings products, retirement planning solutions, and strategies for managing debt.